Ireland Inc (OTC:IRLD) has been climbing up at full speed over the past week. Yesterday, the flight continued and the stock 
added the next 27% to its price. What is going on with Ireland Inc?
In this case, the most reasonable explanation on the gain appears to be the latest news by the company. It has just been fueled up by releasing another positive announcement yesterday. According to it, IRDL has achieved encouraging results from the first of a series of bulk tests on sand material in the northwest sector of its Columbus Project. It was reported that the bulk sample consisted of notable gold and silver content, which attracted investors’ attention.
Though, the company’s CEO claimed it was only the first tested sample and the company were planning to conduct more bulk scale tests to confirm the extraction rates from the material. Apparently, this news was strong enough to impress traders and IRLD continued the bullish trend at top speed.
Ireland Inc. is a minerals exploration and development company focused on the discovery and extraction of precious metals from mineral deposits in the Southwestern US. About a year ago, the company used to trade at over $1.00 per share, though after that the stock price moved down.[BANNER]
Apart from the recent piece of good news, in end-March IRLD filed its annual results for 2010. However, they do not seem much inspiring. According to the financial report, the company has no sufficient financial resources to pay for its anticipated cash expenditures for the period from January 1 – December 31, 2011. To be more precise, the existing capital of Ireland will be sufficient only until end-June. Thereafter, the company will require additional financing to complete its exploration and development plans.
The management expects the operating expenses to increase significantly and if the team doesn’t obtain sufficient financing, Ireland will have to scale back its plans depending upon the rick factors mentioned in the 10-K.
